Merrick Bank Credit Cards

Merrick Bank is a top 20-issuer of Visa® credit cards with nearly two million customers, specializing in helping customers establish, re-establish, or rebuild their credit. The Bank offers two types of lending products for this purpose, unsecured credit cards and secured credit cards. Additionally, Merrick Bank provides consumer financing for marine and recreational vehicles, and Merchant Services throughout the United States.

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Merrick Bank Credit Cards (4)

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What Merrick Bank Credit Cards Are Available?

Merrick Bank offers three credit card products: the Merrick Bank Double Your Line™ Visa® Credit Card, the Merrick Bank Secured Visa® Card and the Merrick Bank Visa® Card. Unlike points or cash back cards, these cards do not feature any rewards. Instead, they are focused on customers with limited access to credit or those looking to improve their credit histories. While Merrick Bank does report your payment history to all three credit bureaus—which helps cardholders build credit—it is not worth paying the exorbitant fees for this service.

Drawbacks of Merrick Bank Secured Card

The Merrick Bank Secured Card isn’t right for everyone. Here are a few reasons you may want to avoid it.

Your purchasing power is limited by your security deposit. Your credit limit is only as high as the security deposit you put down when you opened the Merrick Bank Secured Card. While this is typical of most secured credit cards, it poses a challenge for those who can’t afford the security deposit. In that case, you must either seek out an expensive unsecured credit card that accepts individuals with poor credit or look for one of the few secured cards that don’t tie your credit limit to your security deposit.

You won’t earn any rewards. There are some secured credit cards that offer rewards, though they are rare. Unfortunately, the Merrick Bank Secured Card is not one of them. If you’re interested in a rewards card but can’t currently qualify for one, your best bet is to use the Merrick Bank Secured Card until your score improves and then upgrade to a better card.

Why to Apply for the Merrick Bank Secured Card

Here are a few reasons you may want to take a closer look at the Merrick Bank Secured Visa.

You’re looking to improve your poor credit. If you’ve been turned down for more traditional credit cards, you may want to give the Merrick Bank Secured Card a shot. There is no minimum credit score required to apply, and you can get approved in minutes. The issuer reports your payment history to the credit bureaus each month, and making full, on-time payments can help to improve your credit score.

You want a high credit limit. The Merrick Bank Secured Card gives you a credit limit of up to $3,000, provided you can come up with the security deposit to match it. Most other secured credit cards limit your initial credit limit to a few hundred dollars, so the Merrick Bank Secured Card is an excellent value for those who want a little more purchasing power.

You don’t want to be charged excessive fees. The Merrick Bank Secured Card does charge an annual fee, but at $36, it’s one of the lowest annual fees of any secured card on the market. Many charge upwards of $100 per year just to own the card. The Merrick Bank Secured Card’s APR is also surprisingly low for a secured credit card, so you won’t be penalized as much if you carry a balance.

Bottom Line

The Merrick Bank Secured Card is a solid option for those looking to rebuild their bad credit. There are fees associated with owning the card, but they are fair and well worth it if using the card helps to improve your credit score.

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